The Company's short-term investments are accounted for as securities available-for-sale and are classified within Current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity.

The amortized cost, unrealized gain, and estimated fair value of the Company's short-term investments consisted of the following:


	March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	147,099	$	329	$	—	$	147,428


Asset-backed securities	10,060		52		—		10,112


Total short-term investments	$	157,159	$	381	$	—	$	157,540


	December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	168,504	$	396	$	—	$	168,900


Asset-backed securities	10,444		65		—		10,509

Total short-term investments	$	178,948	$	461	$	—	$	179,409

The Company did not have any short-term investments in unrealized loss positions as of March 31, 2025 and December 31, 2024. Generally, the Company does not intend to sell any short-term investments that have unrealized losses, nor anticipates that it is more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis.

There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2025 and 2024, respectively. The Company determined there were no material credit or non-credit related impairments as of March 31, 2025.

The following table summarizes the stated maturities of the Company’s short-term investments:


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	115,227	$	115,425	$	112,750	$	113,015
Due after one year through four years	41,932		42,115		66,198		66,394
Total	$	157,159	$	157,540	$	178,948	$	179,409